UA-R-GC-1914-01-01-1980-05-29_Page-009

, . -9- British Chloride is proceeding and will be the largest single Law 43 project to date. The Fund's participation is an achievement and lends prestige to our efforts. New investment activity in Egypt has slowed down, but it is difficult to tell how long this lag may continue. By a swap of funds between the UEEF and the University, the Fund was able to payoff some of its Egyptian pound debt to the University and the University was able to institute the new LE quasi endowment ($70,000 and the equivalent in pounds were involved in the transaction). Fi nance Commi ttee, r·1r. Hannon. The 1980/81 budget shows a projected deficit of $36,000. The expense side is up 11%, which is considered good in light of the very high rate of inflation in Egypt. Project income is up sharply. Tuition income is also up. Projected contribution income is up from $550,000 to $750,000, and the brunt of responsi­bility in this area rests with the Trustees. This income item, like the AID dollar item are considered somewhat "soft". There is a definite need in the financial system of the University for prompt retreival of financial data. The Committee believes computerization of • the accounts should be a high priority. The Finance Committee pays tribute to the Vice President for Finance and Administration, James B. Robinson, and is indebted to him for his good work on behalf of the University and extends all good wishes to him. Development Committee, Mr. Wadsworth reporting for Mr. Jungers. The long­range financial projections show that in 1985 the University will need $2.5 million in contributions to meet its budget. To raise this amount will necessitate undertaking a major fundraising campaign. The Development Office has produce